SSC CGL Finance – Ledger & Subsidiary Books – Level 3 · Challenge

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SSC CGL Finance – Ledger & Subsidiary Books – Level 3 · Challenge – 8 questions, subject: Finance & Economics (Tier II Paper III). Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.

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1.  
Opening: cash ₹ 8,000, bank ₹ 50,000. Cheque from Anu ₹ 24,500 (discount ₹ 500) banked the same day; paid Babu by cheque ₹ 19,600 (discount ₹ 400); cash sales ₹ 12,000; cash deposited into bank ₹ 10,000; owner withdrew ₹ 4,000 from the bank for personal use; electricity paid in cash ₹ 2,300. The bank balance is:

Correct Answer: D [₹ 60,900]

Explanation:

50,000 + 24,500 + 10,000 − 19,600 − 4,000 = 60,900 (personal withdrawal is drawings, not contra).

2.  
Opening: cash ₹ 8,000, bank ₹ 50,000. Cheque from Anu ₹ 24,500 (discount ₹ 500) banked the same day; paid Babu by cheque ₹ 19,600 (discount ₹ 400); cash sales ₹ 12,000; cash deposited into bank ₹ 10,000; owner withdrew ₹ 4,000 from the bank for personal use; electricity paid in cash ₹ 2,300. The cash balance is:

Correct Answer: A [₹ 7,700]

Explanation:

8,000 + 12,000 − 10,000 − 2,300 = 7,700.

3.  
Opening: cash ₹ 8,000, bank ₹ 50,000. Cheque from Anu ₹ 24,500 (discount ₹ 500) banked the same day; paid Babu by cheque ₹ 19,600 (discount ₹ 400); cash sales ₹ 12,000; cash deposited into bank ₹ 10,000; owner withdrew ₹ 4,000 from the bank for personal use; electricity paid in cash ₹ 2,300. Discount Received Account is credited with:

Correct Answer: C [₹ 400]

Explanation:

Only the payments-side discount (Babu) – 400.

4.  
Usha (customer): opening debit ₹ 9,000; credit sales ₹ 16,000; bill received from her ₹ 10,000; cash received ₹ 12,000; goods returned ₹ 800. Her account shows:

Correct Answer: B [₹ 2,200 debit]

Explanation:

Dr 25,000 − Cr 22,800 = 2,200 debit.

5.  
Statement-based
I. Subsidiary books reduce the work of the journal.
II. The petty cash book is usually kept on the imprest system.
III. The ledger is a book of original entry.

Correct Answer: D [I and II only]

Explanation:

The ledger is the book of final entry.

6.  
The total of the Purchases Returns Book (₹ 3,600) is posted to the:

Correct Answer: A [Credit of Purchases Returns Account]

Explanation:

Each supplier is debited; the total is credited to Purchases Returns (returns outward).

7.  
A creditor's account: opening credit ₹ 30,000; closing credit ₹ 26,000; payments ₹ 1,10,000; discount received ₹ 2,000; returns ₹ 3,000. Credit purchases from him were:

Correct Answer: D [₹ 1,11,000]

Explanation:

26,000 + 1,10,000 + 2,000 + 3,000 − 30,000 = 1,11,000.

8.  
Spot My MistakeA trainee's cash book shows a credit balance of ₹ 1,500 in the cash column. The correct conclusion is:

Correct Answer: C [An error has been made, since cash cannot have a credit balance]

Explanation:

Cash paid cannot exceed cash available.

➤ Full notes, shortcuts and every answer explained – SSC CGL 2026 Finance & Economics (Tier II Paper III) book (₹149): www.shanmugamiasacademy.in/study-materials/ssc-cgl-finance-economics

📘 SSC CGL 2026 – General Studies – Finance & Economics (Tier II Paper III)
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